Students and parents embrace technology to exchange money
Survey reveals Interac e-Transfer® tops cheques when it comes to sending money during the school year
TORONTO, August 21, 2014: As post-secondary students across Canada prepare to flock to campuses this fall, many of their parents will be doing some packing of their own as they tuck away their cheque books in favour of technology to exchange money this school year.
According to a new survey commissioned by Acxsys Corporation, the majority (58 per cent) of parents with children attending post-secondary school say Interac e-Transfer is their preferred method of sending money to their kids. And students agree: nearly half (49 per cent) of students who are or will be studying away from home this fall say they would prefer receiving money via Interac e-Transfer over all other methods of payment, like cheque or cash.
In fact, seven out of 10 students say they would ask their parents to send funds via Interac e-Transfer if they needed it. Emergencies (54 per cent), gifts (38 per cent), school supplies (37 per cent), living costs, like rent (33 per cent) and food (33 per cent), were among the top reasons why students said they’ve received money from their parents via Interac e-Transfer in the past.
“Nearly seven out of 10 parents told us they’ve sent an Interac e-Transfer to their kids attending school away from home in the past year,” said Caroline Hubberstey, Head of External Affairs, Interac Association and Acxsys Corporation. “Parents want the ability to send money quickly to their children when they’re away. Interac e-Transfer is an instant, secure and convenient way to transfer money – without all the hassles involved with writing, sending or depositing a cheque.”
Students are also turning to Interac e-Transfer when it comes to sending money, with more than half (56 per cent) having sent one, including:
- To pay back an IOU to friends or family (63 per cent)
- To split a bill (38 per cent)
- To pay for a service (35 per cent)
- To pay monthly fees, like rent (26 per cent)
- To pay for fees or leisure activities, like a gym membership (22 per cent)
Like their parents, students favour exchanging money via Interac e-Transfers because it is instant (81 per cent) and convenient (71 per cent) – seven in 10 of students said they enjoy not having to go to the ABM or bank to deposit money.
School year budgeting
Hand-in-hand with spending is budgeting, and survey respondents were keenly aware of the importance of setting a school year budget. The majority of students who will be pursuing a post-secondary education this fall (82 per cent) anticipate setting a budget, and more than three quarters (77 per cent) of their parents say they will help their children develop a budget.
But when it comes to sticking to the budget, students are slightly more optimistic than their parents. Forty-one per cent of students who will set a budget for the school year think they’ll be very likely to follow it, while only 30 per cent of parents think their children will be very likely to keep spending in line.
About Interac e-Transfer
Interac e-Transfer is a simple, convenient and secure way of sending and receiving money directly from one person’s bank account to another person’s bank account in real time using an email address or mobile phone number.
A great alternative to cash and cheques, Interac e-Transfer is offered by more than 200 banks and credit unions across Canada. Visit www.interac.ca/eTransfer for more information.
About the Survey
The omnibus survey was conducted by The Strategic Counsel among a representative sample of 500 post-secondary students and 500 parents of post-secondary students across Canada. The survey was conducted online between July 21st to 28th, 2014. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.
About Interac Association and Acxsys Corporation
A recognized world leader in debit card services, Interac Association is responsible for the development and operations of the Interac network, a national payment network that allows Canadians to access their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada. Interac Flash®, a secure contactless enhancement of Interac Debit, allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash.
Interac Association was founded in 1984 and is comprised of a diverse membership that includes banks, trust companies, credit unions, caisses populaires, merchants, and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders are the architects of the Interac network, include: Interac Online, for secure online payments made directly from a bank account; Interac e-Transfer®, for the transfer of money from one person's bank account to another person's bank account using an email address or mobile phone number; and international services, which provide Canadian cardholders with point-of-sale access at nearly 2 million U.S. retailers, and PULSE, Discover, Diners Club International and UnionPay cardholders access to ABMs in Canada.
For more information, please contact:
Interac Association / Acxsys Corporation
Interac, Interac Flash, Interac e-Transfer, and the Interac logo are registered trade-marks of Interac Inc. Used under license.